A mortgage broker specialises in offering financial advice to people seeking to take out or renew a mortgage. They work closely with their customers to recommend the most suitable mortgages, based on financial circumstances, available properties and longer-term financial projections. So, why should you use a broker when looking to buy your next property? Why can’t you just go out and find a mortgage by yourself and thus avoid paying out any extra fees or commission?
You are, of course, perfectly entitled to do your own search. However, a mortgage broker can take much of the strain away from you, while also offering a whole range of additional advantages…
A good mortgage broker will come with many years’ experience in the financial sector, as well as property-related matters. Brokers operating in the UK need to be qualified to give financial advice, which can provide you with peace of mind when the different options start to feel very confusing. They will know the industry inside out, including the most up-to-date legislation, interest rates and application processes.
If you simply drop into a bank or ring up a call centre in an attempt to secure a mortgage, chances are that the advice you will receive will not be as thorough as if you go through a mortgage broker. Individual lenders tend primarily to be interested in selling you one of their own products, rather than show you the wider picture. Hence, you may not receive enough information to be able to safely consider your overall, long-term position.
Mortgage brokers are obliged to act in your interests rather than those of the lenders. If you feel that they have not acted correctly, you can put in a claim for compensation against them in a way that you are not able to do so when dealing with an individual mortgage provider.
Your mortgage broker will be alongside you every step of the way, seeking out the best deals and negotiating with the lenders on your behalf. Their advice will be unbiased and professional and they will be able to get to know you better and show you a wider range of products to suit your specific needs. You can ask any questions that you may have to make sure that you fully understand the commitments that you may be getting into.
As well as mortgages, brokers can also work with you to find other financial products to meet your needs. They can advise you on areas such as buildings and contents insurance, motor or pet insurance, life and critical illness coverage. Or you can ask them to help you plan for future redundancy or retirement through making recommendations for long-term savings options, pensions or even funeral plans. Put
simply, your mortgage broker can help you plan all kinds of aspects of your life and offer you invaluable advice to ensure a financially secure future for you and your family.